EMAlternatives Wins CalPERS Mandate

California’s Public Employees’ Retirement System (CalPERS) has awarded EMAlternatives, an EM private equity fund, a $100 million mandate for private equity investment. The fund will customize investments for its clients by making primary fund commitments in private equity in EM, including Latin America, where EMAlternatives is reviewing opportunities, John Stephens, managing partner at EMAlternatives tells LatinFinance. “Our objective long term is to have six to 12 clients with between $1 billion and $2 billion under management,” says Stephens. This is the first mandate for the Washington and Amsterdam based fund, which formed in March.